Stock market today: Nasdaq, S&P 500 jump as Nvidia leads chip stocks higher
Published On Dec 23, 2024, 3:28 PM
On Monday, stocks mostly rose with the S&P 500 up 0.4% and Nasdaq increasing by 0.9%, bolstered by gains in technology companies, particularly in the semiconductor sector. Nvidia and Broadcom saw significant rises in their share prices. The market is responding to the Federal Reserve's indication that interest rates would remain elevated longer than previously expected. However, consumer confidence in December dropped significantly, raising concerns about the economic outlook. Wal-Mart faced legal challenges, negatively impacting its stock, while Rumble's shares spiked dramatically following a substantial investment from Tether.
Stock Forecasts
NVDA
Positive
Tech stocks, particularly in the semiconductor sector, are likely to continue seeing positive momentum due to strong performances from key players like Nvidia and Broadcom, alongside ongoing investments and support from the market transformation towards AI and digital technologies.
WMT
Negative
Given Wal-Mart's recent legal troubles and the broader concerns impacting consumer confidence, the stock is expected to face downward pressure as investors weigh the company's prospects against these challenges.
RUM
Positive
Rumble's stock has seen a significant increase due to Tether's investment, indicating strong investor interest and potential for continued volatility as the company gains prominence. However, the sustainability of this growth depends on the continued success of its business model and market conditions.
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